#Monit fintech software#
AĬustomers hook Monit to their accounting software (currently limited to QuickBooks online) and Monit tries to keep its pricing simple with a flat-price model, generally in the six-figure range annually, that allows a bank to offer it to its entire customer base (or even prospects) without incurring additional per-client charges. The startup has a PPP loan forgiveness tool that's especially important to businesses participating in this year's PPP loan program. However, small businesses can sign-up directly, though the landing page to do so is not even mentioned on Monit's homepage. It plans to primarily distribute through partners, initially financial institutions as well as other companies in the SMB financial management space. But its vision is much bigger, hoping to provide a virtual CFO that highlights pertinent financial info from any major accounting system.
Monit provides cash-flow projections and financial monitoring for SMBs using Quickbooks. The company is currently raising money from several VCs as well as from strategic partners, including additional banks. Monit officially launched just a year ago (August 2019) and is rumored to already be closing in on $1M in recurring revenues, which would likey value it at $10M to $20M+ in today's frothy fintech environment (depending on how much of that revenue is from its benefactor Eastern Bank, which holds an undisclosed stake).
Can Eastern do it again with Monit? They are off to a great start.
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